Labour proposes to charge people with a house worth between £2 million and £3 million an extra £250 a month – the equivalent of £3,000 more every year.

The CEBR research found that a similar amount could be raised by more targeted taxation. Charging foreign buyers a higher rate of stamp duty would increase tax revenues by a total of £3.3 billion by 2019-20, the report found.

Allowing councils to charge a 100 per cent council tax premium on properties empty for longer than six months would generate an additional £1.3 billion by the end of next parliament while scrapping tax reliefs for buy-to-let landlords would add another £1.5 billion.

Mr Cox met with Mr Balls in Westminster on Wednesday to discuss the findings and other tax issues but was left frustrated that the shadow chancellor showed no sign of changing his mansion tax plans.

"After meeting with the shadow chancellor and showing to him a haversack of independently produced evidence from the CEBR it's clear that the Labour Party leadership is not considering other fairer and considerably more effective family home tax raising approaches,” Mr Cox said.

“They remain focused on taxing the nation's wealth creators and in many cases asset comfortable but income poor pensioners,” he added, saying the move was “ideologically driven” and reflects the “politics of envy”.

A spokesman for Mr Balls said: “Labour has already set out plans to allow councils to levy higher council tax on empty homes. But we do not support the proposal for a full scale revaluation of council tax or to raise taxes on properties worth £1.5 million.

"Labour’s mansion tax will only apply to properties over £2 million and the threshold will be raised each year in line with high-end house prices. Those who are cash poor but asset rich will not have to pay an annual charge. With our plans people who do not earn enough to pay the higher or top rate of income tax will be guaranteed the right to defer the charge until the property changes hands.

"This is a fair way to raise extra revenues for our NHS, which is in crisis under this government."